On average, a dozen people each week becomes property millionaires in Ireland. There are currently around 4,000 homeowners with property worth more than €1 million, and the rates at which new million euro homes are listed and sold are increasing rapidly.
Across the country, house prices have increased by 9.4% in the past year, and 40% in the past five years, turning many homeowners into property millionaires. While the average property value is currently around €230,000 and the average value in Dublin is around €350,000, many districts and counties have average values of 700,000 or more.
Sandycove in Dublin has an average property value of close to €800,000. An even more expensive street is Herbert Park in Dublin, where five homes have sold for more than €3 million in the past 2 years. A quick search on myhome.ie will reveal that around Dublin’s Ranelgh area, a couple houses are listed at more than €5 million. Other areas with the most expensive home prices include Foxrock and Mount Merrion in Dublin. Outside of Dublin, the most expensive areas are in Enniskerry in Wicklow and Kinsale in Cork.
Overall, the total value of homes in the entire country is currently around €400 billion, and over 1% of the sales since the start of 2010 have involved homes of more than 1 million.
Ronan Lyons, professor at Trinity College, said that “real estate forms the biggest chunk of Irish wealth, providing a natural source of funding for public services that are tied to particular locations, such as schools”. The increase in property prices have bought about greater asset wealth for homeowners, but also represents an obstacle for those still seeking a home and looking for an affordable price.